Mercer Capital's Value Focus: Transportation & Logistics | Q1 2022 |

www.mercercapital.com
Second Quarter 2018
VALUE FOCUS
Transportation & Logistics
First Quarter 2022
BUSINESS VALUATION &
FINANCIAL ADVISORY SERVICES
In This Issue
Industry Macro Trends 1
Trucking 7
Rail Intermodal 10
MA Activity 11
Select Transactions 12
Public Company Performance 15

© 2022 Mercer Capital // www.mercercapital.com 1
Mercer Capital’s Value Focus: Transportation Logistics First Quarter 2022
Industrial Production Index (Seasonally Adjusted)
80
85
90
95
100
105
110
M
ar-12
Sep-12
M
ar-13
Sep-13
M
ar-14
Sep-14
M
ar-15
Sep-15
M
ar-16
Sep-16
M
ar-17
Sep-17
M
ar-18
Sep-18
M
ar-19
Sep-19
M
ar-20
Sep-20
M
ar-21
Sep-21
M
ar-22
Source: Federal Reserve Bank of St. Louis Indexed to 2017
Industry Macro
Trends
Industrial Production Index
Demand for services in the logistics industry is tied
to the level of domestic industrial production.
The Industrial Production Index is an economic
measure of all real output from manufacturing,
mining, electric, and gas utilities. The COVID-19
pandemic resulted in numerous shutdowns
and manufacturing disruptions that resulted in
productivity falling to lows previously seen during
the Great Recession. Production recovered
during the summer months of 2020 and generally
continued its upward trend through 2022. The
index value at the beginning of March 2022 was
104.59, a 0.92% increase from February 2022 and
an increase of 5.47% on a year-over-year basis.
The March 2022 index increased 3.22% above the
pre-COVID level in February 2020.

Industry Macro
Trends
Dow Jones Transportation Index
The Dow Jones Transportation Average (DJTA)
is a price-weighted average of 20 transportation
stocks in the U.S. The DJTA is often interpreted
as a signal of the health of the overall market.
Pre-COVID, the DJTA reached highs not seen
since 2018 in January 2020, before falling again
in March 2020. Since March 2020, the DJTA
has experienced two periods of rapids gains
bookending a period of turbulence. The DJTA
ended March 2022 at 16,283.0, reflecting growth
of 6.6% during March 2022 and growth of 11.3%
since the end of March 2021.
Dow Jones Transportation Index
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
3
/
1
/
1
8
6
/
1
/
1
8
9
/
1
/
1
8
1
2
/
1
/
1
8
3
/
1
/
1
9
6
/
1
/
1
9
9
/
1
/
1
9
1
2
/
1
/
1
9
3
/
1
/
2
0
6
/
1
/
2
0
9
/
1
/
2
0
1
2
/
1
/
2
0
3
/
1
/
2
1
6
/
1
/
2
1
9
/
1
/
2
1
1
2
/
1
/
2
1
3
/
1
/
2
2
Daily
Average
Source: Federal Reserve Bank of St. Louis

Industry Macro
Trends
Global Supply Chain Pressure
Index
In January 2022, the Federal Reserve Board of New
York launched a new index designed to track vari-
ous demands and constraints on supply chains. The
Global Supply Chain Pressure Index (GSCPI) com-
bines over 27 data points and indices to provide and
overview of supply chain disruptions and pressure.
Although the GSCPI was released by the Federal
Reserve, some critics of the index are skeptical of
its meaningfulness to the transportation and logistics
industry. When the Federal Reserve launched the
index, they included historical periods back to 1997
,
capturing multiple waves of expansion and recession
in addition to recent pandemic issues. Despite ris-
ing sharply during the last year (the index reported
year-over-year growth on the order of 60%), the index
fell 13.3% from January to February 2022 and 25.6%
from November 2021 to February 2022.
Transportation Services Index
The Transportation Services Index measures
freight traffic in the United States, including rail,
trucking, and marine shipping. The TSI increased
2.69% from December 2021 to March 2022 and
increased 3.91% on a year-over-year basis. The
index in March 2022 was 141.0.
Global Supply Chain Pressure Index
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
Feb-98
Feb-99
Feb-00
Feb-01
Feb-02
Feb-03
Feb-04
Feb-05
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18
Feb-19
Feb-20
Feb-21
Feb-22
Standard
Deviations
from
Average
Global United States
Source: Federal Reserve Board of New York
Transportation Services Index (Freight, Seasonally Adjusted)
80
90
100
110
120
130
140
150
M
a
r
-
1
2
S
e
p
-
1
2
M
a
r
-
1
3
S
e
p
-
1
3
M
a
r
-
1
4
S
e
p
-
1
4
M
a
r
-
1
5
S
e
p
-
1
5
M
a
r
-
1
6
S
e
p
-
1
6
M
a
r
-
1
7
S
e
p
-
1
7
M
a
r
-
1
8
S
e
p
-
1
8
M
a
r
-
1
9
S
e
p
-
1
9
M
a
r
-
2
0
S
e
p
-
2
0
M
a
r
-
2
1
S
e
p
-
2
1
M
a
r
-
2
2
Source: Bureau of Transportation Statistics Indexed to January 2000

Industry Macro
Trends
Cass Freight Index
The Cass Freight Index of shipments and expen-
ditures is considered one of the best indicators of
overall U.S. freight activity. In April 2020, shipments
fell to their lowest levels since January 2010 due
to COVID-19 related shutdowns in the U.S. and
abroad. Shipments have generally increased since
COVID-induced lows, though the index has expe-
rienced several periods of decline. Despite a hic-
cup in January 2022, expenditures continued their
rapid climb through the end of March 2022. Ship-
ments declined 0.4% relative to December 2021,
while expenditures increased 1.9% over the same
period. On a year-over-year basis, the expenditures
index increased over 33%. The expenditures index
has posted double digit year-over-year growth since
December 2020. The divergence of the expendi-
tures and the shipments index helps to illustrate the
impact increased demand for transportation services
has had on freight pricing. The increase in expendi-
tures is also linked to the growing levels of inflation in
the United States.
Cass Freight Index
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Shipments Expenditures
Source: Cass Information Systems, Inc.
Indexed to January 1990

Cass Freight Shipments Index
0.90
1.00
1.10
1.20
1.30
1.40
Jan
Feb
M
ar
Apr
M
ay
Jun
Jul
Aug
Sep
O
ct
Nov
Dec
2017 2018 2019 2020 2021 2022
Industry Macro
Trends
Shipments
The Cass Freight Index of shipments and
expenditures is considered one of the best
indicators of overall U.S. freight activity. In April
2020, shipments fell to their lowest levels since
January 2010 due to COVID-19 related shutdowns
in the U.S. and abroad. Shipments have generally
increased since COVID-induced lows, though the
index has experienced several periods of decline.
Despite a hiccup in January 2022, expenditures
continued their rapid climb through the end of
March 2022. Shipments declined 0.4% relative
to December 2021, while expenditures increased
1.9% over the same period. On a year-over-year
basis, the expenditures index increased over 33%.
The expenditures index has posted double digit
year-over-year growth since December 2020. The
divergence of the expenditures and the shipments
index helps to illustrate the impact increased
demand for transportation services has had on
freight pricing. The shipments index hit 1.203 in
March 2022, down 0.4% since December 2021.
Shipments increased 2.7% relative to March 2021
and 0.6% relative to February 2022.

Cass Freight Expenditures Index
2.00
2.50
3.00
3.50
4.00
4.50
5.00
Jan
Feb
M
ar
Apr
M
ay
Jun Jul
Aug
Sep
O
ct
Nov
Dec
2017 2018 2019 2020 2021 2022
Industry Macro
Trends
Expenditures
The expenditures index measures the total
amount spent on freight. The expenditures index
hit 4.501 in March 2022, an increase of 1.9% on
a quarterly basis and an increase of 33.2% on
an annual basis. The index increased 1.1% from
February 2022. The expenditures index rose
throughout 2021 and the first quarter of 2022
and has reached previously unrecorded levels.
The difficulty in retaining drivers and purchasing
new tractors and trailers combined with the shift
in transportation suppliers has resulted in rapidly
rising freight prices.
The American Trucking Association (“ATA”)
estimates trucking accounts for almost 73% of
all domestic freight tonnage and over 80% of total
freight expenditures.

Trucking Truck Tonnage (Seasonally Adjusted)
70
80
90
100
110
120
130
M
a
r
-
1
2
S
e
p
-
1
2
M
a
r
-
1
3
S
e
p
-
1
3
M
a
r
-
1
4
S
e
p
-
1
4
M
a
r
-
1
5
S
e
p
-
1
5
M
a
r
-
1
6
S
e
p
-
1
6
M
a
r
-
1
7
S
e
p
-
1
7
M
a
r
-
1
8
S
e
p
-
1
8
M
a
r
-
1
9
S
e
p
-
1
9
M
a
r
-
2
0
S
e
p
-
2
0
M
a
r
-
2
1
S
e
p
-
2
1
M
a
r
-
2
2
Seasonally-adjusted
Tonnage
Source: Bureau of Transportation Statistics Indexed to 2015
Truck Tonnage
The truck tonnage index has increased significantly
since April 2020 but remains just shy of pre-COVID
tonnage. The index reached 117.70 in March 2022,
compared to pre-COVID levels in March 2020 of
116.90. The truck tonnage index increased 1.99%
relative to January 2022 but increased 2.44%
relative to December 2021.

Trucking
Spot vs. Contract Rates
The Spot vs. Contract Rates chart depicts
monthly national average line haul rates and fuel
surcharges from DAT. Shippers enter contracts
that lock in a static contract rate for a period of
time. Spot rates, on the other hand, are one-
time shipping quotes for a specific transaction
or series of transactions. As capacity tightened
during 2021, spot rates eclipsed contract rates in
the reefer and van categories, though this effect
had largely normalized by the end of March 2021.
Reefer spot rates equaled reefer contract rates in
March 2022, but van spot rates dipped back below
van contract rates. While flat bed spot rates have
increased over the quarter, they remain lower than
flat bed contract rates. Both types of flatbed rates
increased on a quarter-over-quarter basis. Reefer
and van contract rates climbed, but reefer and van
spot rates declined.
All classes of rates increased on a year-over-year
basis. Flatbed contract rates posted the largest
year-over-year gain climbing 26% since March
2021. Overall, spot rates have continued to escalate
in the last year, although at a slightly slower rate
than prior year-over-year periods. Reefer, flatbed,
and dry van spot rates showing increases of
15.7%, 23.2%, and 14.0%, respectively, on a year-
over-year basis.
Spot vs. Contract Rates
$1.60
$1.80
$2.00
$2.20
$2.40
$2.60
$2.80
$3.00
$3.20
$3.40
$3.60
$3.80
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2021 2022
Reefer Spot Flatbed Spot Dry Van Spot
Reefer Contract Flatbed Contract Dry Van Contract
Source: DAT

Trucking
Load-to-Truck Ratio
The load-to-truck ratio is calculated by dividing
the total number of loads for shipment by the total
number of trucks available. As a result, the load-
to-truck ratio can signal a shortage or excess of
capacity, which in turn influences changes in freight.
An increase in the ratio (i.e., a higher number of
loads relative to the level of available trucks) is
typically associated with shipping rate increases).
While economic factors typically push supply and
demand, compression or expansion that occurs
faster in the shipping industry can accelerate
movements faster than the overall economy.
Van and reefer classes experienced decreases
of 30% and 40%, respectively, in the first quarter
of 2022 compared to the previous quarter. The
decrease in the van ratio is due to both a lull in
imports from Asia as well as an increased number
of available carriers. On the other hand, demand
for reefer loads has experienced a seasonal
decline which capacity has remained stable.
Flatbed classes increased 75% during the same
period. The flatbed ratio in attributable in part to
high oil prices incentivizing drillers to increase their
output, ultimately increasing the number of loads
being shipped. Relative to March 2021, the van and
reefer ratios decreased 21% and 31%, respectively,
while the flatbed ratio increased 7.24%.
Dry Van Load-to-Truck
Reefer Load-to-Truck
Flatbed Load-to-Truck
0.0
2.5
5.0
7.5
10.0
12.5
M
ar-19
Jun-19
Sep-19
D
ec-19
M
ar-20
Jun-20
Sep-20
D
ec-20
M
ar-21
Jun-21
Sep-21
D
ec-21
M
ar-22
0.0
4.0
8.0
12.0
16.0
20.0
24.0
M
ar-19
Jun-19
Sep-19
D
ec-19
M
ar-20
Jun-20
Sep-20
D
ec-20
M
ar-21
Jun-21
Sep-21
D
ec-21
M
ar-22
0.0
25.0
50.0
75.0
100.0
125.0
M
ar-19
Jun-19
Sep-19
D
ec-19
M
ar-20
Jun-20
Sep-20
D
ec-20
M
ar-21
Jun-21
Sep-21
D
ec-21
M
ar-22
Source: DAT

Rail
Intermodal
Rail Freight Intermodal Traffic
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
1,400,000
M
a
r
-
1
2
M
a
r
-
1
3
M
a
r
-
1
4
M
a
r
-
1
5
M
a
r
-
1
6
M
a
r
-
1
7
M
a
r
-
1
8
M
a
r
-
1
9
M
a
r
-
2
0
M
a
r
-
2
1
M
a
r
-
2
2
Rail
Carloads
(Seasonally
Adjusted)
Source: Bureau of Transportation Statistics
Rail Freight Intermodal Traffic
As reported by the Bureau of Transportation
Statistics, intermodal shipments index declined
during two of the three months in the first quarter
of 2021. Rail freight intermodal traffic posted a
decrease of 6.9% on a year-over-year basis,
largely due to a significant decline in the second
half of 2021 due to congestion at intermodal
ports.

MA Activity
Featured Transactions
J.B. Hunt On the Hunt
ID Logistics Group Builds Presence in
North America
J.B. Hunt Transport, Inc. entered into a definitive agreement
to acquire substantially all of the assets of Zenith Freight
Lines, LLC for approximately $86.9 million on January
31, 2022. This price reflects a 1.0x sales multiple. The
transaction will be funded using J.B. Hunt’s existing cash
balance. In the fiscal year ending November 2021, Zenith
Freight Lines reported a total revenues of $87 million. Upon
announcement, the transaction was expected to close by
February 28, 2022.
ID Logistics Group, a France-based firm, agreed to acquire
Kane Logistics, Inc. from Harkness Capital Partners LLC
for approximately $240 million (1.02x sales) on February
13, 2022. The Kane team will continue with the Company
to manage all its North American activities. At closing, the
transaction will be settled entirely in cash. ID Logistics will
maintain a sound financial structure with a pre-IFRS16
debt ratio estimated at 2.6x post-acquisition proforma
EBITDA. This acquisition will be accretive on the EBITDA of
the ID Logistics group from the first year of consolidation.
The transaction remains subject to the approval of the
competent US antitrust authorities. The acquisition is
expected to be completed before the summer of 2022.
STG Logistics buys XPS Logistics’ Intermodal
Business Unit
Midwest Logistics Systems Under New Management
STG Logistics, Inc acquired Intermodal
Business of XPS Logistics in North America for
approximately $710 million on March 25, 2022.
Paul Smith, formerly President of XPO's intermodal division,
will lead STG's intermodal operations as EVP of STG and
COO of STG Intermodal. Approximately 700 employees
have transferred to STG in the transaction. The intermodal
unit, which XPO reported as part of its Brokerage and Other
Services segment, generated $1.2 billion of revenue in 2021,
indicating a 0.592x sales multiple.
Midwest Logistics Systems, Ltd acquired Schneider
National, Inc. for approximately $274 million on
December 31, 2021. MLS professional drivers and
associates will continue to operate under the MLS name.
For LTM period ended September 30, 2021, MLS reported
annual revenues of approximately $205 million, implying
a 1.34x sales multiple. The acquisition is expected to be
immediately accretive to Schneider’s earnings per share.

Select Transactions
Date
Announced
Deal
Status
Total
Deal Value
Deal Value to
Target Buyer Sales EBITDA
Trucking
Intermodal Business of XPS Logistics in North America STG Logistics, Inc 3/25/22 Closed 710.00 0.6 -
Bert and Son's Cartage Limited Titanium Transportation Group Inc. (TSXV:TTR) 1/4/22 Closed 8.04 - -
Sharp Transport Inc. Christenson Transportation, Inc. 1/10/22 Closed - - -
EHS Trucking Enterprises, LLC RoadOne, Inc. 1/11/22 Closed - - -
Joe Moholland, Inc. Tailored Move 1/11/22 Closed - - -
Transport Laurentien Ltée Canada Cartage System Limited 1/10/22 Closed - - -
Total Transportation Services Inc Sun Capital Partners, Inc. 1/13/22 Closed - - -
Blackwood Industries, Inc. Corona Industrial S.A.S 1/13/22 Closed - - -
Chevine Transport LLC Spotlight Capital Holdings, Inc. (OTCPK:SLCH) 1/18/22 Closed 2.50 - -
417 Bus Line, Ltd. Roxborough Bus Lines Limited 1/13/22 Closed - - -
Schneider National, Inc. (NYSE:SNDR) Midwest Logistics Systems Ltd. 1/4/22 Closed 274.50 1.3 -
Arnold Transportation Services, Inc. Pride Group Logistics Ltd. 2/1/22 Closed - - -
Hutt Trucking Co. RLS Partners LLC 2/1/22 Effective - - -
Mhart Express, Inc. Crum Trucking, Inc. 1/30/22 Closed - - -
V. Santini, Inc. Roadway Moving Inc. 2/1/22 Closed - - -
Pilot - A Maersk Company A.P. Møller - Mærsk A/S (CPSE:MAERSK B) 2/9/22 Closed 1,800.00 - -
K-Limited Carrier, Ltd. The Kenan Advantage Group, Inc. 2/7/22 Closed - - -
Kane Logistics, Inc. ID Logistics Group SA (ENXTPA:IDL) 2/13/22 Closed 240.00 1.0 -
Source: SP Global Market Intelligence
in USD millions

Date
Announced
Deal
Status
Total
Deal Value
Deal Value to
Trucking (cont.)
Power Moves Transport, Inc. Ultrack Systems, Inc. (OTCPK:MJLB) 2/18/22 Announced - - -
Heritage Truck Lines Inc. JBT Transport Inc. 2/2/22 Closed - - -
Northwest Creek Marina Atlantic Recreation Group 2/21/22 Closed - - -
John Christner Trucking, LLC Hirschbach Motor Lines, Inc. 2/17/22 Announced - - -
Einstein Cycles - 2/20/22 Effective - - -
P.S. Marston Associates LLC. Brown Bear Transportation, Inc. 2/21/22 Closed - - -
Apple Bus Company, Inc. First Student, Inc. 2/24/22 Announced - - -
RSK Transport LLC Hazel's HotShot, Inc. 2/15/22 Closed - - -
Buske Lines, Inc. Fourshore Partners 3/14/22 Closed - - -
Walker Crane Rigging Corp. US Services Group, LLC 3/23/22 Closed - - -
iQ Logistics Inc. TransPro Freight Systems Ltd. 3/1/22 Closed - - -
AAT Carriers, Inc. Covenant Logistics Group, Inc. (NasdaqGS:CVLG) 2/10/22 Closed 57.00 2.2 -
Assets of Art Logistics, Inc. Nations Capital, Inc. 3/30/22 Closed - - -
Assets And Business Of Monarch Services Ltd. Mullen Group Ltd. (TSX:MTL) 2/9/22 Closed 2.68 - -
Rail
Precision Components Inc. Loup Logistics Company LLC 1/25/22 Closed - - -
Two Railroad Branches from Norfolk Southern Corporation R. J. Corman Railroad Group, LLC 1/27/22 Announced - - -
in USD millions
Select Transactions (cont.)

Date
Announced
Deal
Status
Total
Deal Value
Deal Value to
Air Freight Logistics
Rinchem Company, Inc. Stonepeak Partners LP 1/6/22 Announced - - -
Logistic Edge, LLC Koch Trucking, Inc. 1/19/22 Closed - - -
Dedicated Transportation Solutions, Inc. Ascend Leasing, LLC 1/25/22 Closed - - -
Delivery operation assets of Habitat Logistics BringMeThat, Inc. 1/28/22 Closed - - -
Cross-Border Business and proprietary Platform of
Forager Logistics LLC
DM TRANS, LLC 2/1/22 Closed - - -
EC Logistics Holdings, Inc. Heritage Trucking LLC 1/26/22 Closed - - -
United Transfer Ltd. Consolidated Fastfrate Inc. 2/8/22 Closed - - -
Datex Services Ltd. Hemlock Harling Distribution Inc. 2/1/22 Closed - - -
West Air, Inc. Empire Holdings, Inc. 1/10/22 Closed - - -
Aries Global Logistics, Inc. NTG Nordic Transport Group A/S 3/29/22 Closed 105.00 0.4 -
Topocean Group Inc. KLN Investment (US) LLC 2/18/22 Announced 240.00 - -
Performance Logistics, LLC Direct Connect Logistix, Inc. 2/21/22 Closed - - -
Smartway Transportation, Inc. Transport Investments, Inc. 3/14/22 Closed - - -
Synectic Solutions, Inc. - 3/17/22 Closed - - -
Rightaway Delivery LLC Dropoff, Inc. 3/23/22 Closed - - -
Substantially All of the Assets of Zenith Freight Lines, LLC J.B. Hunt Transport, Inc. 1/31/22 Closed 86.94 1.0 -
FASCOR, Inc./LCS, Inc. Hy-Tek Material Handling Inc. 3/25/22 Closed - - -
Trek Freight Services, LLC Becker Logistics, LLC 3/28/22 Closed - - -
Kamaka Air, Inc. RLG Capital, LLC; Trinity Capital Inc. 2/21/22 Closed - - -
Cargo Cove Fulfillment LLC Ship Hero, LLC 10/22/21 Closed - - -
in USD millions
Select Transactions (cont.)

Public
Company
Performance
Monthly Median TEV/EBITDA Multiples (as of March 31, 2022)
2.6x
6.5x
4.4x
5.6x
12.7x
4.5x
13.5x
22.7x
14.8x
11.7x
18.9x
15.3x
5.3x
8.7x
5.5x
8.0x
13.9x
8.8x
0x
5x
10x
15x
20x
25x
Truckload LTL Air Freight Marine Rail Logistics
Source: SP Global Market Intelligence Data as of March 31, 2022, excludes outliers

LTM LTM Multiples Forward Multiples
Company Name Ticker
Price at
3/31/22
QoQ
Price
Change
Enterprise
Value
Debt /
Total
Capital
Return on
Assets Rev.
EBITDA
Margin
EV /
Rev.
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Truckload
J.B. Hunt Transport Services, Inc. JBHT $200.79 -2% $22,175 5% 1110% $13,039 13% 1.7x 12.7x 24.6x 11.3x 21.4x
Ryder System, Inc. R $79.33 -4% $10,757 62% 496% $10,295 28% 1.0x 3.8x 6.3x 3.5x 5.7x
Knight-Swift Transportation Holdings Inc. KNX $50.46 -17% $10,373 19% 654% $6,602 24% 1.6x 6.4x 10.2x 5.8x 9.4x
Landstar System, Inc. LSTR $150.83 -16% $5,579 0% 1945% $7,224 9% 0.8x 9.1x 13.0x 8.7x 12.5x
Schneider National, Inc. SNDR $25.50 -5% $4,581 1% 1056% $6,001 16% 0.8x 4.9x 10.2x 4.6x 9.5x
Werner Enterprises, Inc. WERN $41.00 -14% $3,136 14% 683% $2,883 19% 1.1x 5.8x 10.1x 4.9x 10.1x
Marten Transport, Ltd. MRTN $17.76 3% $1,420 -4% 752% $1,038 21% 1.4x 6.6x 15.5x 5.7x 13.7x
Daseke, Inc. DSKE $10.07 0% $1,249 44% 613% $1,644 12% 0.8x 6.4x 8.3x 5.2x 9.5x
Universal Logistics Holdings, Inc. ULH $20.15 7% $1,057 49% 722% $1,860 10% 0.6x 5.4x 5.7x 3.9x 4.4x
Heartland Express, Inc. HTLD $14.07 -16% $953 -17% 475% $606 28% 1.6x 5.5x 13.5x 4.9x 15.0x
P.A.M. Transportation Services, Inc. PTSI $34.75 -2% $940 18% 1176% $778 22% 1.2x 5.5x 8.7x 4.7x 7.7x
U.S. Xpress Enterprises, Inc. USX $3.88 -34% $869 77% 51% $2,015 4% 0.4x 10.8x nm 7.4x 15.0x
Covenant Logistics Group, Inc. CVLG $21.53 -19% $428 15% 740% $1,117 12% 0.4x 3.3x 5.0x 3.2x 4.9x
USA Truck, Inc. USAK $20.60 4% $339 49% 709% $753 10% 0.5x 4.4x 5.0x 3.5x 4.5x
Patriot Transportation Holding, Inc. PATI $7.98 -1% $22 -25% -75% $82 9% 0.3x 3.0x 3.8x nm nm
Median -4% 15% 13% 0.8x 5.5x 9.4x 4.9x 9.5x
USD millions except per share values | Financial statement data as of Q1 2022
Publicly Traded Companies

Company Name Ticker
Price at
3/31/22
QoQ
Price
Change
Enterprise
Value
Debt /
Total
Capital
Return on
Assets Rev.
EBITDA
Margin
EV /
Rev.
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Less-Than-Truckload
Old Dominion Freight Line, Inc. ODFL $298.68 -17% $33,793 -2% 2104% $5,627 32% 6.0x 18.9x 30.2x 16.4x 25.8x
Saia, Inc. SAIA $243.82 -28% $6,469 1% 1363% $2,466 22% 2.6x 12.1x 21.7x 10.3x 18.8x
ArcBest Corporation ARCB $80.50 -33% $2,192 10% 1069% $4,486 10% 0.5x 4.7x 7.6x 3.6x 5.9x
Mullen Group Ltd. MTL $10.70 16% $1,602 37% 392% $1,317 13% 1.2x 9.5x 16.5x 7.8x 15.2x
Yellow Corporation YELL $7.01 -44% $1,799 80% 209% $5,184 4% 0.3x 8.0x nm 4.5x 8.5x
Median -28% 10% 13% 1.2x 9.5x 19.1x 7.8x 15.2x
Air Freight
Atlas Air Worldwide Holdings, Inc. AAWW $86.37 -8% $4,129 39% 735% $4,207 25% 1.0x 4.0x 5.2x 4.1x 5.1x
Air Transport Services Group, Inc. ATSG $33.45 14% $3,768 35% 531% $1,844 32% 2.0x 6.3x 10.3x 5.8x 15.7x
Forward Air Corporation FWRD $97.78 -19% $2,909 10% 1109% $1,767 13% 1.6x 12.5x 19.1x 10.3x 15.3x
Cargojet Inc. CJT $152.25 16% $2,881 8% 746% $666 33% 4.3x 13.0x 152.5x 10.7x 31.9x
Air T, Inc. AIRT $22.75 -10% $186 65% -193% $175 -3% 1.1x -31.8x nm nm nm
Median -8% 35% 25% 1.6x 6.3x 14.7x 8.1x 15.5x

Company Name Ticker
Price at
3/31/22
QoQ
Price
Change
Enterprise
Value
Debt /
Total
Capital
Return on
Assets Rev.
EBITDA
Margin
EV /
Rev.
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Marine
Atlas Corp. ATCO $14.68 4% $9,593 59% 444% $1,506 66% 6.4x 9.6x 7.8x 8.5x 9.0x
Matson, Inc. MATX $120.62 34% $5,705 14% 2582% $4,379 36% 1.3x 3.6x 4.2x 3.4x 4.2x
Kirby Corporation KEX $72.19 21% $5,670 23% 123% $2,361 14% 2.4x 17.8x nm 13.8x 34.4x
Global Ship Lease, Inc. GSL $28.49 24% $2,047 49% 1054% $471 61% 4.3x 7.1x 4.4x 5.0x 3.8x
Eagle Bulk Shipping Inc. EGLE $68.11 50% $1,240 25% 1752% $682 52% 1.8x 3.5x 4.1x 3.6x 3.9x
Genco Shipping Trading Limited GNK $23.62 48% $1,123 12% 1231% $596 47% 1.9x 4.0x 4.5x 4.3x 5.3x
Algoma Central Corporation ALC $13.86 3% $751 30% 521% $486 27% 1.5x 5.7x 7.7x 4.9x 10.7x
Pangaea Logistics Solutions, Ltd. PANL $5.56 47% $561 55% 1011% $785 15% 0.7x 4.6x 3.1x 3.8x 2.5x
Singularity Future Technology Ltd. SGLY $14.02 194% $267 -15% -1491% $6 -121% 46.0x -37.9x nm nm nm
Median 34% 25% 1.9x 4.6x 4.4x 4.6x 4.7x

Company Name Ticker
Price at
3/31/22
QoQ
Price
Change
Enterprise
Value
Debt /
Total
Capital
Return on
Assets Rev.
EBITDA
Margin
EV /
Rev.
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Railroads
Union Pacific Corporation UNP $273.21 8% $202,164 15% 970% $22,663 53% 8.9x 16.9x 25.2x 15.7x 23.3x
Canadian National Railway Company CNR $134.33 9% $103,674 9% 881% $11,734 56% 8.8x 15.8x 24.3x 16.3x 24.9x
CSX Corporation CSX $37.45 0% $96,190 15% 840% $13,122 52% 7.3x 14.1x 20.7x 13.2x 20.5x
Norfolk Southern Corporation NSC $285.22 -4% $82,124 17% 748% $11,418 51% 7.2x 14.1x 22.5x 13.4x 20.5x
Canadian Pacific Railway Limited CP $82.65 15% $93,131 17% 480% $6,307 55% 14.8x 27.0x 33.8x 27.6x 28.9x
Median 8% 15% 8.8x 15.8x 24.3x 15.7x 23.3x
Logistics Intermodal
United Parcel Service, Inc. UPS $214.46 0% $201,767 7% 1252% $98,757 17% 2.0x 12.3x 17.4x 11.8x 16.7x
FedEx Corporation FDX $231.39 -11% $91,260 34% 618% $86,641 13% 1.1x 7.8x 11.8x 8.5x 11.2x
Expeditors International of Washington, Inc. EXPD $103.16 -23% $16,011 -8% 1851% $17,989 11% 0.9x 7.9x 11.7x 8.6x 13.1x
TFI International Inc. TFII $106.65 -5% $11,864 17% 943% $8,263 13% 1.4x 11.1x 13.2x 8.9x 15.7x
XPO Logistics, Inc. XPO $72.80 -6% $12,595 34% 410% $13,290 10% 0.9x 9.8x 11.8x 9.1x 13.2x
GXO Logistics, Inc. GXO $71.34 -21% $10,698 23% 246% $8,201 7% 1.3x 17.5x 46.5x 14.7x 25.0x
C.H. Robinson Worldwide, Inc. CHRW $107.71 0% $15,601 13% 1148% $25,114 5% 0.6x 12.3x 14.5x 11.4x 14.4x
Forward Air Corporation FWRD $97.78 -19% $2,909 10% 1109% $1,767 13% 1.6x 12.5x 19.1x 10.3x 15.3x
Hub Group, Inc. HUBG $77.21 -8% $2,841 6% 879% $4,611 10% 0.6x 6.1x 11.1x 4.9x 8.1x
Air Transport Services Group, Inc. ATSG $33.45 14% $3,768 35% 531% $1,844 32% 2.0x 6.3x 10.3x 5.8x 15.7x
Radiant Logistics, Inc. RLGT $6.37 -13% $432 28% 696% $999 5% 0.4x 8.3x 11.5x 5.8x 6.4x
Median -8% 17% 1.1x 9.8x 11.8x 8.9x 14.4x

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